For this assignment, you will be required to prepare entries for a job order cost system and prepare the cost of goods manufactured schedule. Please see the attached Excel file, which contains the directions and information needed to prepare the entries and the schedule. All work must be performed in the Excel file. Use formulas where applicable. Upload your completed Excel assignment in the course folder. P15-3A Prepare entries for a job order cost system and cost of goods manufactured schedule Case Inc. is a construction company specializing in custom patios. The patios are constructed of concrete, brick, fiberglass, and lumber, depending upon customer preference. On June 1, 2020, the general ledger for Case Inc. contains the following data. Raw Materials Inventory Work in Process Inventory $4,200 $5,540 Manufacturing Overhead Applied Manufacturing Overhead Incurred $32,640 $31,650 Subsidiary data for Work in Process Inventory on June 1 are as follows. Cost Element Direct materials Direct labor Manufacturing overhead Job Cost Sheets Customer Job Rodgers Stevens $600 $800 320 540 400 675 $1,320 $2,015 Linton $900 580 725 $2,205 During June, raw materials purchased on account were $4,900, and all wages were paid. Additional overhead costs consisted of depreciation on equipment $900 and miscellaneous costs of $400 incurred on account. A summary of materials requisition slips and time tickets for June show the following. Materials Requisition slips $800 sline 2,000 Customer Job Rodgers Koss Stevens Linton Rodgers Time tickets $850 S 800 SE360 1,200 390 500 1,300 300 4,900 3,600 General use S 1,500 $6,400 1.200 $4,800 Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for P15-3A Linton Rodgers 1,300 300 4,900 1,500 $6,400 1,200 390 3,600 1,200 $4.800 General use Overhead was charged to jobs at the same rate of $1.25 per dollar of direct labor cost. The patios for customers Rodgers, Stevens, and Linton were completed during June and sold for a total of $18,900. Each customer paid in full. Instructions (a) Journalize the June transactions: (1) for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred; (2) assignment of direct materials, labor, and overhead to production, and (3) completion of jobs and sale of goods. (b) Post the entries to Work in Process Inventory. Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. (d) Prepare a cost of goods manufactured schedule for June. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?". (a)(1) Journalize the June transactions for purchase of raw materials, factory labor costs incurred, and manufacturing overhead costs incurred Account Value Account Value Account Value Account Value |Account Value Account Account Value Value Insert Table Chart Text Shape Media Comment View Zoom + P15-3A Account Value Account Account Value Value (a)(2) Journalize the June transactions for assignment of direct materials, labor, and overhead to production Account Account Value Value Account Value Account Account Value Value Account Value Account Value Account Value (a)(3) Journalize the June transactions for completion of jobs and sale of goods. Account - Value Account Value Account Value Account Value Account Value Account Value 11,351 P15-3A (b) Post the entries to Work in Process Inventory. Value Work in Process Inventory Balance Value June Completed work Direct Mater Value Direct labor Value Overhead al Value 6/30 Balance (c) Reconcile the balance in Work in Process Inventory with the costs of unfinished jobs. Value 6/30 balance in Work in Process Inventory Unfinished Job (Koss) Direct materials Direct labor Manufacturing overhead Value Value Value (d) Prepare a cost of goods manufactured schedule for June. CASE INC Cost of Goods Manufactured Schedule For the Month Ended June 30, 2020 Value Value Value Value Work in process, June 1 Direct materials used Direct labor. Manufacturing overhead applied Total manufacturing costs Total cost of work in process Less: Work in process, June 30 Cost of goods manufactured ? Value 11,361 OG
